Bank Of Baroda Forex Scam News

CBI Director Anil Sinha will be meeting heads of banks in the country at a seminar in the first week of March in Mumbai where issues related to banking frauds will be discussed.

Various irregularities by banks such as non-submission and inordinate delays in filing of Suspicious Transaction Reports (STRs), besides opening of accounts by several entities without fulfilling KYC norms, have been noticed by Reserve Bank of India.

The masterminds of illegal remittances racket operating through Bank of Baroda were allegedly charging Rs 1.35 for every dollar sent abroad from people who wanted to use their services.

 SFIO has launched probe against 11 companies, including an entity named Dabang Marketing and Trading Pvt Ltd, for alleged involvement in the estimated Rs 6,000 crore suspicious forex transactions at a Bank of Baroda branch.

In light of the Rs 6,100-crore Bank of Baroda (BoB) money remittance case, Indian Banks' Association (IBA) is considering a proposal to engage specialist officers only in their areas of core competencies rather than general banking business.

The government Wednesday said the alleged Rs 6,100-crore Bank of Baroda black money remittance case is one off incidence and not a reflection of any systemic problem in the banking sector.

CBI raided Bank of Baroda branches, offices, and started questioning some of the suspects in its probe into alleged black money transfer of Rs 6000 crore to Hong Kong.